Spot Iron ore begins the week with
a price drop with sluggish steel demand in China likely to curb buying of the
raw material.
Offer prices for Fe 63.5/63 of Indian origin iron ore fines dropped to $151/MT (CNF). Last deal concluded for the same grade was heard at $156/MT.
Offer prices for Australian iron
ore in China slipped by 4/MT with 61.5-percent grade Pilbara fines quoted at
$145/MT and 63-percent grade Newman fines at $150-$152/MT.
A decline in China steel prices,
reflecting sluggish demand, gives mills less reason to produce more, cutting
appetite for iron ore.
It is also reported that Orissa mining authorities have again suspended rake movement of iron ore for exports, this will further add problems to Indian exporters.
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